G. Mark Albright Business Law Blog on Lawyers.com

While bankruptcy gives you a fresh start, it does not give you a free ride. Once you have reached the other side of bankruptcy, you have to work hard to take control of your new life. Las Vegas bankruptcy lawyers, such as the Las Vegas Nevada lawyers of Albright, Stoddard, Warnick & Albright, can provide valuable advice toward achieving that fresh start, and the following activities will help you to build a sound financial future.

Adjust your spending

Learn how to keep your future spending within your means by establishing a strict budget. Look at all required spending, such as mortgage payments or rent, utilities, food, auto expenses, and anything else you absolutely must spend each month. If your income does not meet these basic needs, you may need to get a second job, or adjust your life in other ways to ensure you can pay for your needs and even save some money for emergencies.

Work on your credit report

Once all your debts have been discharged in bankruptcy, you want to make sure they do not continue to appear on your Equifax, Experien, and TransUnion credit reports. Work with all three credit bureaus to ensure that your prior debt has been eliminated in your records.

Establish credit

This does not mean you should get into debt again, but you do need to take action to improve your credit score, because it affects so many aspects of life—even the ability to get a job. Experienced Las Vegas bankruptcy lawyers can give you some ideas on how to establish new credit lines after bankruptcy. One option might be to open a bank savings account and obtain a credit card that is attached to that account.

Avoid credit traps

• You need to be watchful of a number of credit traps in future transactions. Here are some examples:
  Co-signing loans—Avoid co-signing loans for anyone, even your own family members. If they do not pay, you are responsible, and you will not be able to eliminate that debt under bankruptcy for eight years.
• Carrying credit card balances—As a rule of thumb, if you can’t afford something, do not buy it. Get in the habit of paying off your credit card balances in full at the end of each month. If you absolutely cannot pay off a balance, do not charge any other items on the card until you have paid the balance in full.
• Credit repair—Be prepared: you are likely to receive many offers by companies that claim they can fix your credit report. In fact, there are no shortcuts—a bankruptcy filing remains on your credit report for ten years, and the only way to repair your credit is by establishing sound habits in handling your money and credit.